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Small Biz Bankruptcies Likely To Spike Before Debt Limit Ends
Rite Aid, SVB Affiliates Among Top 2024 Ch. 11 Sales So Far
Justices Side With US Trustee, Alex Jones Switches To Ch. 7
Small Biz Bankruptcies Likely To Spike Before Debt Limit Ends
U.S. bankruptcy courts are likely to see a spike in small business filings under Subchapter V of Chapter 11 this week, in the days before the current $7.5 million debt limit to qualify falls back to about $3 million on Friday without action from Congress, according to experts.
Rite Aid, SVB Affiliates Among Top 2024 Ch. 11 Sales So Far
Branches of Rite Aid and Silicon Valley Bank, technology and biotech firms and a discount store chain were among the companies that attracted top dollar in the Chapter 11 auctions held during the first half of 2024.
Justices Side With US Trustee, Alex Jones Switches To Ch. 7
The U.S. Supreme Court ruled there would be no retroactive redress for a disparity between U.S. trustee fees in different jurisdictions, seafood restaurant chain Red Lobster struck a deal with creditors to hammer out a reorganization plan, and a Texas judge pulled the trigger on converting Alex Jones' Chapter 11 case to a Chapter 7.
Expert Analysis
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Large Cap More
A Texas bankruptcy judge ruled Thursday that transactions executed in December by Robertshaw breached its existing loan from an Invesco subsidiary, but otherwise sided with the appliance parts maker on the rem... (more story)
Several Hertz directors who authorized $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position will have to face claims in Delaware's Court of Chancery ... (more story)
Puerto Ricans may be looking at higher power costs as the island's electric utility is forced to adjust its restructuring plans in the wake of a First Circuit finding that bondholders have a claim on the utility's revenues.
A group of insurers that issued policies to Rite Aid Corp. opposed the company's Chapter 11 plan in New Jersey bankruptcy court, saying in an objection that the plan would undercut the insurer's contractual ri... (more story)
A former Texas bankruptcy judge has brought on Boies Schiller Flexner LLP attorneys to defend him against a racketeering lawsuit from a barge business over his undisclosed romantic relationship with a then-Jac... (more story)
The parents of children murdered in the Sandy Hook Elementary School shooting told a Houston federal judge on Tuesday the fact they were citing the same precedents as conspiracy theorist Alex Jones is evidence... (more story)
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues o... (more story)
Information about the Beasley Allen Law Firm's litigation funding and settlement communications is relevant and necessary to resolving long-running multidistrict litigation over Johnson & Johnson's talcum powd... (more story)
The Roman Catholic Diocese of San Diego has reentered Chapter 11 in a California bankruptcy court, saying it is facing more than $100 million in liabilities from more than 450 new sexual abuse claims filed in recent years.
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the fi... (more story)
Mid Cap More
Bankrupt California-based dermatologic test maker DermTech Inc. won approval on Thursday for a series of first-day Chapter 11 motions, including to continue paying providers of electricity, internet and other ... (more story)
A Delaware bankruptcy judge agreed Thursday to approve the Chapter 11 liquidation and wind-down plan of biotechnology developer InVivo, which reported it landed a buyer for its spinal cord implant technology f... (more story)
A California federal judge has ordered loan servicer Vervent Inc. to pay $12 million to ex-students of bankrupt for-profit college ITT Education Services Inc. for Vervent's role in an alleged predatory lending... (more story)
The U.S. Trustee asked a Delaware judge not to close the Chapter 11 case of crypto exchange Bittrex Inc., arguing that the estate must first get government permission to settle up with creditors in countries u... (more story)
The insolvent developer of an almost-finished apartment building in Houston hit a hiccup Tuesday during its first-day hearing in a Texas bankruptcy court, where a judge indicated the company did not present en... (more story)
A New York bankruptcy judge said Tuesday he will approve disclosure statements detailing three competing Chapter 11 plans proposed in the bankruptcy of shipping company Eletson Holdings Inc. after some revisio... (more story)
NanoString Technologies Inc., a Seattle-based maker of gene analysis technology, can use proceeds from the $393 million sale of its business to repay nearly all creditors in full after a Delaware bankruptcy ju... (more story)
Light-sport aircraft producer Icon received a Delaware bankruptcy court's approval Tuesday for a nearly $15.8 million sale of its assets after securing an agreement to increase the price by $250,000, just hour... (more story)
A Delaware bankruptcy judge on Tuesday confirmed the Chapter 11 plan for Unconditional Love Inc., the baby-product company founded by actress Kristen Bell that does business as Hello Bello, as it prepares to w... (more story)
California-based dermatologic test maker DermTech Inc. hit Chapter 11 Tuesday in Delaware and said it would be laying off about 20% of its workforce as it seeks to sell its assets.